Euro gains vs US dollar after official says Greek debt deal reached

Mon Nov 26, 2012 5:22pm EST

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The euro hit a one-month peak against the U.S. dollar on Monday after an official said euro zone and International Monetary Fund officials had reached a deal on reducing Greece's debt.

The euro jumped to $1.2992, according to Reuters data, 0.1 percent higher on the day and its best showing since late October. It had been modestly weaker against the dollar for most of the New York session.

The deal to cut Greece's debt-to-GDP ratio to 124 percent by 2020 should free up the next installment of emergency aid, which had been held up by disagreement over debt reduction.

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Comments (1)
Zaichik wrote:
Yawn! All they’ve done is kick the default snowball (it’s a snowball. not a can because it just keeps getting bigger) down the road.

Nov 26, 2012 6:23pm EST  --  Report as abuse
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